LianBio Announces Voluntarily Delisting from Nasdaq
28 Februar 2024 - 1:00PM
LianBio (Nasdaq: LIAN) (“LianBio” or the “Company”), a
biotechnology company dedicated to bringing innovative medicines to
patients in China and other major Asian markets, today announced
that it has provided notification to The Nasdaq Stock Market, Inc.
(“Nasdaq”) of its intent to delist the Company’s American
Depositary Shares (“ADSs”), each representing the right to receive
one ordinary share of the Company, from the Nasdaq Global Market.
LianBio expects to file a Form 25 (Notification of Removal from
Listing) with the Securities and Exchange Commission (the “SEC”)
and Nasdaq relating to the voluntary delisting of its ADSs on or
about March 11, 2024.
Following the delisting, any trading in the
Company’s ADSs would only occur in privately negotiated sales and
potentially on an over-the-counter market. The Company expects that
its ADSs will be quoted on a market operated by OTC Markets Group
Inc. (the “OTC”) so that a trading market may continue to exist for
its ADSs. There is no guarantee, however, that a broker will
continue to make a market in the ADSs and that trading of the ADSs
will continue on an OTC market or otherwise.
As previously announced, the Company has
initiated the wind down of its operations, including the voluntary
delisting and deregistration of the Company’s ordinary shares and
ADSs, following the completion of a comprehensive strategic review
of the Company by the Board of Directors (the “Board”). The Board
believes that the decision to delist the ADSs from the Nasdaq and
deregister and suspend its reporting obligations under the Exchange
Act is in the best interests of the Company and the holders of its
ordinary shares and ADSs. As the Company undertakes steps to wind
down operations and return value to the shareholders through its
asset sales, out-licensing efforts and the payment of dividends,
the Board has determined that the burdens associated with operating
as a registered public company outweigh any advantages to the
Company and its holders of ordinary shares and ADSs. The Board’s
decision was based on careful review of numerous factors, including
the potential for curbing the significant costs associated with
preparing and filing periodic reports with the SEC and the legal,
audit and other expenses associated with being a reporting company,
as well as the substantial costs and demands on management’s time
under the Sarbanes-Oxley Act of 2002, SEC rules and Nasdaq listing
standards.
About LianBioLianBio is a cross-border
biotechnology company on a mission to bring transformative
medicines to historically underserved patients in China and other
Asian markets. For more information, please
visit www.lianbio.com.
Cautionary Note Regarding Forward-Looking
StatementsStatements in this press release about future
expectations, plans and prospects, as well as any other statements
regarding matters that are not historical facts, may constitute
forward-looking statements. The words “anticipate,” “expect,”
“believe,” “intend,” “continue,” “potential,” “may,” “will” and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Forward-looking statements in this press
release include, but are not limited to, statements concerning the
Board’s comprehensive strategic review; the Company’s plans for
payment of dividends and the potential for payment of any future
dividends upon the culmination of the wind down of the Company’s
operations; the Company’s plans with respect to the delisting and
deregistration of its securities; the perceived benefits and timing
of the wind down; the Company’s ability to pursue the sale of its
remaining pipeline assets and termination of its outstanding
licenses; the timeline in which the Company expects to be able to
wind down its operations; and the limitations on the future trading
of the Company’s ADSs following the voluntary delisting of the ADSs
from Nasdaq. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including: the risk that the delisting,
deregistration and wind down process will take longer than expected
and that the benefits of such actions may not be realized; general
market conditions; the impact of changing laws and regulations and
those risks and uncertainties described in LianBio’s filings with
the SEC, including LianBio’s Annual Report on Form 10-K for the
year ended December 31, 2022 and its subsequent filings with the
SEC. Any forward-looking statements contained in this press release
speak only as of the date hereof, and LianBio specifically
disclaims any obligation to update any forward-looking statement,
whether as a result of new information, future events or otherwise.
Readers should not rely upon this information as current or
accurate after its publication date.
For investor inquiries, please
contact:E: IR@lianbio.com
For media inquiries, please
contact:Katherine Smith, Inizio Evoke
E: katherine.smith@inizioevoke.comT: +1
619 849 5378
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